Bank of Korea sets up commission to develop digital currency regulation methods
The Central Bank of South Korea has formally formed a commission that will advise the regulator on legislative adjustment in the event of the launch of the digital currency of the central bank (CBDC).
The working group consists of six lawyers who are specialists in the field of finance, information technology and fintech. Experts will discuss with the Central Bank legal issues related to digital currency, as well as suggest which laws need to be changed or adopted to ensure stable state systems after the release of CBDC.
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The Legal Commission will work in the framework of the pilot program until at least May 2021, while the Bank of Korea is researching, developing and testing the money of the future. After that, the regulator will consider the need for the existence of a group on an ongoing basis.
So far, the central bank has not talked about the features of its digital currency project, but, according to South Korean media, now it is intended for settlements between financial institutions, and not for general use.